Tax

You may have considered an individual retirement account (IRA) at some time in the past. But perhaps you didn't qualify for tax-deductible contributions, or you couldn't contribute much because you were a stay-at-home spouse. It might be time for another review. Read article

Tax reform was passed by Congress this week and is expected to be signed into law soon. Most of the new laws take effect for the 2018 and 2019 tax years, but there are a couple items that you need to know about right away for your 2017 taxes. Read article

The federal government needs all its citizens to plan for a financially secure retirement. In an effort to assist in planning for retirement, there are a number of provisions in the tax code that benefit seniors. Are you aware of them and using them to your advantage? Read article

Each year select clients must withdraw minimim amounts from their qualified retirement plans. If you don't the penalty is a severe 50% in addition to paying regular income tax on the withdrawal. Don't let this happen to you. Read article

While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs. Read article

The Tax Cuts and Jobs Act (TCJA) passed in late 2017 made big changes to the tax code, including individual tax rates. What should you do if you are self-employed or retired and pay your taxes on a quarterly basis? Read article

Suppose you retire in a new state with warm weather and lower taxes. If you keep a part-time home in your original state or you later decide to return, you could have a tax problem. Here are some tips to help you stay on the right side of the state taxman. Read article

There is a fairly large tax exclusion on the gains made when selling your main home. While the gain may be large enough to avoid worrying about the tax consequences, if done wrong you could be saddled with a large tax bill. Here is what you need to know. Read article

In 2016, tax return filing deadlines are changing for some. If you have foreign bank accounts, expect to receive a Form K-1 from a partnership or LLC, or participate within a C-corporation you will need to know this information Read article

Retirement

When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here's a quick overview of the tax and financial breaks available as you reach a certain age. Read article

Most tax beneficial retirement accounts limit your ability to contribute to them after you reach age 70 1/2. But there are exceptions. Consider these account options if you wish contribution flexibility as you get older. Read article

Do you own a traditional IRA, SEP-IRA, SIMPLE IRA, Keogh plan, 401(k) plan, or 403(b) plan? If so, you'll have to start taking distributions when you reach age 70½. If you don't, you'll forfeit 50% of the amount you should have taken but did not. Read article

If you're age 35 or more and haven't made a serious effort to plan for retirement, your dreams of a comfortable and active retirement could turn into the nightmare of being old and poor. Here are some ideas to get you on a sound retirement path. Read article

Often one person in the household manages the financial affairs. Unfortunately, that means one person will be left in the cold during a divorce or death. If this fits you or someone you know, think about spending some time understanding your financial situation. Here are some ideas. Read article

The tax code is long and complicated. And, unfortunately, inconsistent on how it handles similar provisions. This is especially true when it comes to early distributions from retirement plans. Sometimes rolling over funds from one plan type to another prior to taking money out of the plan can save you money. Read article

We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But once we reach retirement, did you know the government does an about-face and forces us to take money out of those accounts? It's called the required minimum distribution (RMD) rule. Here are some tips you should know about RMDs well before you reach retirement age. Read article

Are you planning to use your vacation home soon? If you're not going to use it, have you considered renting it? Here are some great ways to enjoy tax savings through use of a vacation home. Read article

Tax law changes so frequently that you must be concerned with tax planning year-round, or you'll miss opportunities to lower your tax bill. Here are some of the more common areas that can reduce your tax bill. Read article

All too often taxpayers take action that will cost them dearly when they file their tax return. With a little planning, the IRS will receive their fair share, but not a dollar more, due to ingnorance of tax laws. Read article

A big surprise can occur when you see your Social Security Retirement Benefits being subject to income tax. This "tax torpedo" is often triggered by Retirement Account distributions. Are you prepared for this? Read article

Tax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started. Read article

You work hard providing for your loved ones during your life. You can also provide for them when you are gone with a simple estate plan that legally conveys your desires to all your heirs. Here's a short list of some of the basic documents you should consider including in your estate plan. Read article

Long-term care insurance has the same tax-favored status as regular health insurance. With the high cost of assisted living and nursing homes, this insurance product is becoming more popular. Is it right for you? Read article

While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs. Read article

The "baby boomers," Americans born between 1946 and 1966, are moving like a wave into their fifties and sixties. Unfortunately, between helping kids and parents, many of them are facing new financial pressures. Read article

Couples often enter into marriage without having had a serious discussion about financial issues. As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to a good financial start. Read article

With the future of Social Security uncertain and company pension plans being cut back, careful management of your 401(k) becomes very important. Here are some basic guidelines to help you make the most of your 401(k) investments. Start early. A 25-year-old employee who saves $300 a month will accumulate... Read article